Kraft Foods Inc. said it has agreed to sell its yogurt business to Canadian ice cream company CoolBrands International Inc. for $59 million

Food & Drink Weekly, Jan 10, 2005

Kraft Foods Inc. said it has agreed to sell its yogurt business to Canadian ice cream company CoolBrands International Inc. for $59 million. The sale of the Breyers, Creme Savers and Light 'n Lively brands is the latest move by Kraft to cull its portfolio and focus on larger brands where the company has a stronger competitive position.

The three yogurt brands had estimated sales of $90 million in 2004, a Kraft spokesman said. The deal is not expected to have a material effect on Kraft's diluted earnings per share, a spokesman said. In November, Kraft agreed to sell its Life Savers and Altoids candy and mint businesses to Wm. Wrigley Jr. Co. for $1.48 billion. The company, which makes Oreo cookies, Kraft Macaroni & Cheese and a host of other products, also recently said it would sell its Bird's Custard and Angel Delight dessert brands.